\ 


Copyright  igoi 
by  the 

WESTCHESTER  TRUST  COMPANY, 
Yonkers,  New  York. 


Westchester  Trust  Company 

32  Warburton  Ave. 

YONKERS,  N.  Y. 

TRANSACTS  A  GENERAL  TRUST 
AND  BANKING  BUSINESS 

ACTS  AS  TRUSTEE,  REGISTRAR,  TRANSFER  AND  FISCAL 
AGENT  OF  CORPORATIONS,  AND  AS  EXECUTOR,  ADMINIS¬ 
TRATOR,  TRUSTEE,  GUARDIAN,  COMMITTEE  AND  RECEIVER. 
TAKES  FULL  CHARGE  OF  REAL  AND  PERSONAL  ESTATES. 
RECEIVES  DEPOSITS  SUBJECT  TO  CHECK  AND  ALLOWS 
INTEREST  ON  DAILY  BALANCES.  RECEIVES  VALUABLE 
PAPERS  TO  BE  HELD  IN  ESCROW.  MAKES  LOANS  ON 
APPROVED  COLLATERAL. 


A  LEGAL  DEPOSITORY  FOR 
COURT  AND  TRUST  FUNDS 


GS-" 

^  Westchester  Trust  Company, 

t  YONKERS,  N.  Y. 


CAPITAL, . -  $200,000 

SURPLUS,  - .  100,000 


OFFICERS. 

John  Hoag,  President. 

Francis  M.  Carpenter,  1  .  p 

Howard  Wileets,  /  ''ice-i-resiaents. 

Chari^ks  P.  Marsden,  Secretary. 


DIRECTORS. 


9 

J 

U 

r 


Amzi  ly.  Barber,  .....  Ardsley-on- Hudson 

President,  Trinidad  Asphalt  Co.,  N.  Y. 

John  K.  Borne,  ....... 

President,  Colonial  Trust  Co.,  N.  Y. 

Richard  H.  Burdsall,  ..... 

President  First  National  Bank,  Port  Chester. 

Francis  M.  Carpenter,  ..... 

County  Treasurer,  White  Plains. 

Edward  F.  Hill,  ...... 

Secretary,  Union  Stove  Works. 

John  Hoag,  ........ 

President. 

Edson  Eewis,  ....... 

Ex-Mayor,  Mount  Vernon. 

Richard  P.  Eounsbery,  ..... 

Eounsbery  &  Co.,  N.  Y. 


Isaac  W.  Maclay, 
Daniel  S.  Remsen, 
Henry  Sidenberg, 
William  Sloane, 
Eouis  Stern, 


Maclay  &  Davies,  N.  Y. 
Remsen  &  Parsons,  N.  Y. 
G.  Sidenberg  &  Co.,  N.  Y. 
'  W.  &’j.  Sloane,  N.  Y. 
Stern  Brothers,  N.  Y. 


New  York . 
Port  Chester. 
Mt.  Kisco. 
Peekskill. 
Ossining. 
Mt.  Vernon. 
.  Bedford. 
Yonkers. 
Dobbs  Ferry. 
Hastings. 
New  York. 
Tarrytown. 
Mt.  Kisco. 


Moses  Taylor, 

Vice-President,  Eackawanna  Iron  and  .Steel  Co. 

Robert  B.  Van  Cortlandt,  .....  New  York 

Kean,  Van  Cortlandt  &  Co.,  N.  Y. 

Howard  Willets,  ......  White  Plains 

303  Pearl  Street,  N.  Y. 


Remsen  &  Parsons,  Counsel, 
69  Wall  Street,  N.  Y. 


£ 

o 


^  n 


CONTENTS. 


AVOIDING  DISPUTES,  ..... 

DISPOSITION  OF  ESTATES,  .... 

MAKING  A  WIDE,  ...... 

CREATING  A  TRUvST,  ..... 

SEEECTION  OF  EXECUTORS,  TRUSTEES,  GUARDIANS, 
TRUST  COMPANY  AS  EXECUTOR,  TRUSTEE,  ETC., 
REASON  FOR  PREFERRING  TRUST  COMPANY, 

inheritance  of  property,  .  .  .  . 

ADMI^f^ISTRATORS,  ..... 

TEMPORARY  ADMINISTRATORS,  .  ... 

ANCIEEARY  TETTERS,  ..... 

ADMINISTRATOR  WITH  WIEE  ANNEXED, 

TRUSTEES,  ...... 

GUARDIANS,  ....... 

COMMITTEE,  ...... 

FIDUCIARY  AGENT,  ...... 

TRUSTEE  UNDER  MORTGAGE,  ETC., 

RECEIVER,  ....... 

MORTGAGE  INVESTMENTS,  .... 

INVESTMENT  SECURITIES,  .  .  .  .  . 

surety  bonds  procured,  .... 

ATTORNEYS,  ....... 

company’s  charges,  ..... 

COMMISSIONS,  ....... 

BANKING  DEPARTMENT,  .... 

HOW  TO  OPEN  ACCOUNT,  .  .  .  .  . 

MAKING  deposits,  ..... 

RATES  OF  INTEREST  AEEOWED,  .  .  .  . 

WHO  ARE  BENEFITED  BY  DEPOSITING  IN  A  TRUST 
COMPANY,  ...... 


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55 


INHERITANCE  AND  MANAGEMENT 

OF  ESTATES. 


It  behoveth  every  man  to  set  his  worldly 
estate  in  such  order,  if  possible,  before  he  de- 
parteth  this  life,  that  no  strife  or  debate  may 
arise  about  the  same  after  his  death.” 

‘‘Be  wise  to-day;  ’iis  madness  to  defer.” 

Avoiding  Disputes.  Estates  may  be  settled  without 

a  will  contest,  without  a  family 
dispute,  and,  in  some  cases  even  without  the  public 
disclosure  of  private  affairs,  if  sufficient  precaution  is 
taken. 

While  the  following  pages  are  designed  to  give 
reliable  information,  they  do  not  purport  to  be  com¬ 
plete.  They  will  not  take  the  place  of  professional 
advice,  but  will  be  an  aid  to  a  better  understanding  of 
such  advice. 

This  Company  promotes  the  amicable  settlement 
of  estates,  and  acts  as  Executor,  Trustee,  Guardian, 
etc.,  in  such  cases.  To  that  end  it  furnishes  on 
application,  without  charge,  expert  advice  as  to  the 
most  approved  methods  for  the  management,  disposi¬ 
tion  and  settlement  of  estates. 

Full  information  will  cost  you  nothing.  It  will 
assist  you  in  shaping  your  plans.  It  may  relieve 
your  mind,  and  tend  to  prevent  trouble  after  your 


7 


death.  Remember  that  delay  in  setting  one’s  estate  in 
order  is‘a  most  frequent  cause  of  trouble. 

Confidential  correspondence  is  cordially  invited. 
Personal  interviews  can  be  had  at  the  office  of  the 
Compaii}"  or  arranged  for  elsewhere,  according  to 
convenience.  Attorneys  and  other  persons  contem¬ 
plating  business  wfith  the  Company  are  invited  to 
consult  freely  with  its  counsel  in  New  York  City. 

DISPOSITION  OF  ESTATES. 

Persons  wishing  to  make  disposition  of  their  es¬ 
tates  have  the  choice  of  several  methods.  They  may  : 

(i)  Give  away  their  property  during  life, 

(2j  Make  a  will, 

(3)  Create  a  trust,  or 

(4)  Die  intestate. 

If  a  person  dies  intestate — that  is,  without  a  will — 
his  property  will  be  divided  according  to  law  (see  pp. 
26-34)  •  but  his  heirs  will  be  put  to  considerable 
trouble  and  expense,  which  can  be  avoided  by  making 
a  will  or  creating  a  trust.  If  a  person  gives  away  his 
property  during  life,  he  may  regret  it.  If  a  person 
desires  to  dispose  of  his  property  in  such  a  way  that 
he  can  control  it  during  his  life,  he  should  make  a 
will- (see  p.  10),  or  a  revocable  trust  deed  (see  p.  12). 

A  gift  to  take  effect  on  death,  or  on  the  happen¬ 
ing  of  a  future  event,  may  be  made  by  will  or  trust 
deed.  A  gift  of  the  use  or  income  to  one  person,  with 
the  principal  to  another,  may  be  made  in  either  way. 


8 


A  trust  may  be  created  by  deed  or  will.  Fre¬ 
quently  the  purposes  of  a  will  may  be  accomplished  by 
a  trust  deed.  Which  is  better  depends  upon  the 
circumstances  of  each  case.  Sometimes  both  are 
advisable. 

The  purposes  for  which  a  trust  may  be  estab¬ 
lished  are  numerous.  The  persons  most  often  benefited 
are  women,  children,  persons  inexperienced  in  business 
matters,  and  others  to  whom  it  is  desirable  to  secure 
an  income. 


COURT  HOUSE  AT  WHITE  PLAINS, 
ERECTED  1854. 


9 


MAKING  A  WILL. 


Any  person  twenty-one  years  of  age  and  of  sound 
mind  may  make  a  will  of  real  and  personal  e.state. 
Every  male  of  the  age  of  eighteen,  and  every  female 
of  the  age  of  sixteen,  may  make  a  will  of  personal 
property. 

A  will  should  be  clear  and  concise  in  statement, 
and  in  its  execution  the  following  formalities  should 
be  observed :  The  person  making  the  will  should  sign 
and  declare  the  instrument  to  be  his  or  her  last  will  in 
the  presence  of  two  or  more  witnesses,  and  should 
request  them  to  sign  as  attesting  witnesses  to  the  will, 
and  the  witnesses  to  the  will  should  sign  in  the  pres¬ 
ence  of  the  testator  or  testatrix,  and  in  the  presence 
of  each  other. 


Codicil. 


As  a  will  does  not  take  effect 
until  the  death  of  the  testator, 


he  can  add  a  codicil  or  make  a  new  will  at  any  time, 
but  the  same  formalities  must  always  be  observed. 


Facts  to  be 
Considered. 


When  making  a  will  or  codicil, 
take  into  consideration  the  fact 
that,  if  the  WESTCHESTER  TruST 


Company  is  named  as  Executor  thereof,  it  may  be  able 
to  render  your  estate  the  efficient  service  you  may 
desire  in  the  settlement  of  your  affairs.  If  so  selected, 
it  will  procure  the  will  or  codicil  to  be  drawn  by  com¬ 
petent  counsel,  at  its  own  expense.  It  is  generally 
unwise  for  a  testator  to  make  a  will  without  expert 
advice. 


lO 


The  maker  of  a  will  often  wivSlies  to  secure  the 
advantage  of  the  special  knowledge  of  his  wife, 
attorney  or  friend,  pertaining  to  the  settlement  of  his 
affairs.  This  need  not  deter  him  from  appointing  the 
Westchkstkr  Trust  Company  as  Executor  or  Trus¬ 
tee,  for  it  will  act  in  connection  with  such  other  person, 
consulting  him  in  all  matters  pertaining  to  the  estate, 
at  the  same  time,  if  desired,  relieving  him  of  the 
responsibility  and  details  of  management. 

Care  of  Will.  A  will  may  be  deposited,  free  of 

charge,  with  this  Company.  It 
will  be  kept  in  its  vaults,  and  returned  to  the  maker 
when  wanted,  or,  after  death,  filed  for  probate.  Thus 
any  possibilit}^  of  loss  or  destruction  will  be  prevented. 


JAY  HOMESTEAD  AT  BEDFORD. 
Occupied  by  Hon.  John  Jay  1801-1829. 


CREATING  A  TRUST. 


A  trust  may  be  created  by  will  or  other  written 
instrument  usually  called  a  trust  deed. 

Deeds  of  Trust  are  instruments  by  which  property 
may  be  set  apart  and  placed  in  the  hands  of  a  Trustee, 
and  applied  to  the  uses  and  purposes  therein  specified. 
In  some  respects  they  are  even  more  technical  than 
wills,  and  should  not  be  attempted  by  novices.  When 

properly  drawn,  however,  they 
Advantages.  frequently  poSvSess  advantages 

over  wills.  Where  the  right  so 
to  do  is  reserved  in  the  instrument,  a  trust  deed  can  be 
altered  or  revoked  at  any  time  during  life,  the  same  as 
a  will.  It  does  not  have  to  be  proved,  as  does  a  will. 

A  deed  of  trust  to  the  WkstchEvSTKR  Tru.st 
Company  can : 

1.  Accomplish  the  purposes  of  a  will. 

2.  Make  your  property  safe,  and  secure  an  in¬ 
come  for  yourself  and  family  during  life. 

3.  Prevent  a  contest  over  your  will  upon  your 
death. 

4.  Prevent  a  puVdic  disclo.sure  of  private  affairs 
after  your  death. 

5.  Secure  to  tho.se  whom  you  designate  the  enjoy¬ 
ment  of  your  property. 

6.  Prevent  it  from  being  squandered  or  lost 
through  extravagance  or  mi.sfortune. 

7.  Save  the  payment  of  inheritance  taxes. 

8.  Establish  your  plans  for  charity,  during  your 
life,  to  be  carried  out  at  your  death. 


It  would  be  impracticable  here  to  explain  in 
detail  the  advantages  of  trust  deeds  and  when  they 
can  best  be  used.  On  inquiry,  however,  by  letter  or 
otherwise,  this  Company  will  be  pleased  to  furnish  full 
information.  It  will  also  furnish,  without  charge, 
legal  service  and  advice  in  the  preparation  of  wills  and 
trust  deeds  where  it  is  to  act  as  Executor,  Trustee,  etc. 


WASHINGTON’S  HEADQUARTERS  AT  DOBBS  FERRY. 

Now  the  residence  of  Dr.  Joseph  Hasbrouck. 

Here,  July  6,  1781,  the  French  allies  under  Rocham- 
beau  joined  the  American  army.  Here,  August  14,  1781, 
Washington  planned  the  Yorktown  campaign,  which 
brought  to  a  triumphant  end  the  War  for  American 
Independence.  Here,  May  6,  1783,  Washington  and 
Sir  Guy  Carleton  arranged  for  the  evacuation  of  Ameri¬ 
can  soil  by  the  British.  And  opposite  this  point,  on  the 
Hudson  River,  May  8,  1783,  a  British  sloop-of-war  fired 
seventeen  guns  in  honor  of  the  .American  Commander- 
in-Chief ;  the  first  salute  by  Great  Britain  10  the  United 
States  of  America. 


^3 


SELECTION  OF  EXECUTORS,  TRUS¬ 
TEES,  GUARDIANS. 

Next  to  a  satisfactory  division  of  property,  the 
mOvSt  important  thing  in  making  a  will  or  trust  deed 
is  the  selection  of  a  suitable  Executor,  Trustee  or 
Guardian. 

The  selection  which  it  is  best  to  make  will 
necessarily  depend  upon  the  circumstances  of  each 
individual  case.  All  that  can  be  here  stated  must  be 
of  a  general  nature,  but  it  may  be  of  some  assistance 
to  those  interested  in  such  appointments. 

Individuals  or  Trust  Companies  may  be  selected. 
A  Trust  Company  may  act  alone  or  be  joined  with  one 
or  more  individuals. 

As  to  Individuals.  In  the  selection  of  individuals, 

consideration  should  be  given  to 
their  honesty,  ability,  business  experience,  biisine.ss 
habits,  personal  habits,  associations,  financial  respon- 
vSibility,  and  to  the  possibility  or  probability  of  death, 
by  reason  of  old  age  or  infirmity,  during  the  continu¬ 
ance  of  the  trust.  It  is  also  important  to  consider 
whether  the  appointee  will  give  the  trust  his  personal 
attention.  If  he  is  a  relative,  the  proposed  ap¬ 
pointment  should  be  considered  from  a  family  stand¬ 
point. 

Where  appointments  are  made  by  will  or  trust 
deed,  bonds  are  not  usually  required.  If,  however, 
the  appointment  is  made  by  the  Court,  bonds  are 
required  of  individuals,  but  not  of  Trust  Companies. 


14 


Who  Should  Not  Married  women,  as  well  as  those 
be  Appointed.  who  are  unmarried,  may  be  ap¬ 

pointed,  but  their  selection  is  not 
always  favored  by  the  Court.  Aliens,  non-residents, 
bankrupts  or  insolvent  persons  should  not  be  selected. 
A  person  for  whose  benefit  a  trust  is  created,  or  a  near 
relative,  ought  not  to  be  selected  Trustee,  but  there  is 
no  rule  of  law  positively  forbidding  such  appoint¬ 
ment.  The  same  may  be  said  of  a  person  entitled  to 
the  income  or  the  remainder  of  the  estate.  In  such 
cases  a  new  or  additional  Trustee  will  often  be 
appointed  by  the  Court. 

Undoubtedly  a  large  majority  of  trusts  committed 
to  individuals  have  been  faithfully  executed,  but  the 
law  reports  are  filled  with  cases  where,  by  reason  of 
personal  unfitness,  fraud,  ill-health  or  death,  the  inten¬ 
tions  of  the  testator  have  been  finally  defeated. 

Probably  a  majority  of  such  cases,  for  family  or 
other  reasons,  are  settled  without  publicity.  The 
Courts  in  this  State,  however,  have  recently  had  to 
deal  with  an  Executor,  previously  of  high  standing, 
whose  friends  had  committed  to  his  keeping  more  than 
fifty  estates,  which  he  had  robbed  of  upwards  of  one 
million  dollars. 

Trust  Companies  For  these  reasons  and  others, 
More  Satisfactory,  hereinafter  stated,  thoughtful 

men  and  women  of  recent  years 
have  come  more  and  more  to  accept  Trust  Company 
management  as  the  more  reliable  and  satisfactory.  The 
results  seem  to  justify  that  conclusion.  In  a  somewhat 


15 


extended  research  among  the  law  reports  of  Eastern 
States,  not  a  single  case  was  found  of  a  suit  against  a 
TrUvSt  Company  by  heirs  for  alleged  fraud  or  negligence. 

The  Westchester  Trust  Company  acts  as 
Executor,  Trustee,  Guardian,  etc.,  and  as  such 
possesses  some  advantages  making  its  selection 
specially  advantageous  to  estates.  On  these  points 
full  information  will  be  given  on  inquiry  personally  or 
by  letter.  The  general  advantages  of  Trust  Com¬ 
panies  will  be  hereinafter  stated. 

Trust  Company  as  There  are  many  reasons  why 
Executor,  Trustee,  a  Trust  Company  should  be 
Guardian.  appointed  Executor,  Trustee. 

Guardian,  etc.,  either  alone  or 
jointly  with  a  natural  person. 

First— SECURITY. 

It  is  a  reliable  and  responsible  institution,  and 
makes  a  businevSS  of  such  matters.  It  .secures  accurate 
and  systematic  attention  to  accounts  and  business 
details.  Under  the  supervision  of  the  State  Tanking 
Department,  the  property"  of  each  estate  is  kept  by 
itself.  It  cannot  be  mixed  with  the  assets  of  any 
other  estate  or  the  property  of  the  Company.  It  holds 
the  property  of  each  estate  as  a  trust  fund  independent 
of  every  other  trust  fund.  Thus  even  the  failure  of  a 
Trust  Company  could  not  involve  the  trust  estates 
in  its  hands. 

Besides,  for  the  faithful  performance  of  its  duties 
as  Trustee,  the  whole  capital  stock,  surplus,  and  the 

i6 


personal  liability  of  its  stockholders,  are  pledged,  and, 
in  addition  thereto,  all  claims  of  estates  are  given  a 
preference.  A  more  perfect  security  for  the  faithful 
performance  of  trust  duties  committed  to  a  Trust 
Company  could  not  well  be  devised. 


HOME  OF  KATRINA  VAN  TASSEL, 

which  formerly  stood  on  the  ground  now  occupied  by 
the  Washington  Irving  School,  Tarrytown. 

“  It  was  toward  evening  that  Ichabod  arrived  at  the 
castle  of  the  Heer  Van  Tassel,  which  he  found  thronged 
with  the  pride  and  flower  of  the  adjacent  country.” 


17 


Second— OMNIPRESENCE. 

A  TRUST  COMPANY  IS  ALWAYS  PRESENT. 

IT  DOES  NOT  CHANGE  ITS  RESIDENCE. 

IT  CANNOT  ABSCOND. 

IT  IS  NEVER  SICK. 

IT  IS  NEVER  OUT  OF  TOWN. 

IT  IS  NEVER  AWAY  ON  BUSINESS. 

IT  NEVER  TAKES  A  VACATION. 

IT  CANNOT  DIE. 

IT  IS  ALWAYS  READY  TO  ACT  IN  DISCHARGE 
OF  ITS  OBLIGATIONS. 

Third— INVESTMENTS. 

A  Trust  Company  is  limited  by  law  as  to  the 
character  of  its  investment  of  trust  funds.  It  has  a 
reputation  for  skill  and  fidelity  which  a  Company  in 
good  standing  guards  as  jealously  as  it  does  its  capital. 
Its  management  is  the  combined  wisdom  of  a  large 
number  of  able  financiers. 

On  the  other  hand,  watch  the  daily  papers,  and 
note  how  many  cases  there  are  where  a  trusted 
Adviser,  Executor  or  Trustee  has  been  led  into  some 
speculation,  and  a  family,  accustomed  all  their  life  to 
luxury,  have  been  left  destitute  and  ruined.  This  is, 
indeed,  the  most  frequent  and  serious  danger  of  having 
an  individual  manage  an  estate ;  for  the  man  last  to  be 
suspected  is  often  the  first  to  fall. 

Fourth— INCOME. 

A  Trust  Company,  being  managed  by  experi¬ 
enced  and  successful  financiers,  is  able  to  secure  for 
the  estates  which  it  manages  more  profitable  invest- 

18 


ments,  consistent  with  safety,  than  an  individual  can 
ordinarily  secure.  The  Company  often  can  assign 
to  an  estate  an  interest  in  a  large  mortgage  of  excel¬ 
lent  security  the  very  day  the  money  is  received, 
because  it  can  hold  a  mortgage  for  several  estates, 
permitting  each  to  own  an  interest  therein,  thus 
keeping  the  money  from  being  idle  until  a  separate 
investment  of  the  exact  amount  on  hand  can  be 
secured  for  each. 

Furthermore,  the  officers  and  directors  of  a  Trust 
Company,  because  of  their  connection  with  railroads 
and  other  corporations,  public  officials  and  business 
men,  often  know  that  a  security  is  in  danger  long 
before  a  crisis  is  reached,  whereas  the  individual 
Executor  or  Trustee  often  does  not  know  it  until 
afterwards,  when  his  dividends  discontinue  or  his 
coupons  are  unpaid.  Even  then  the  individual  seldom 
knows  what  is  the  best  policy.  Trust  Companies  are 
dail}^  asked  by  individuals  for  their  advice  as  to  what 
is  best  to  be  done  with  securities  under  re-organiza¬ 
tion. 


Fifth— ECONOMY. 

A  Trust  Company  receives  exactly  the  same  com¬ 
missions  as  an  individual  is  allowed  by  law,  and  while 
this  amounts  to  very  little  on  each  small  estate,  yet 
by  caring  for  a  large  number  of  estates  together,  the 
Company  brings  to  the  management  of  each  men  of 
greater  ability  and  experience  than  individuals  wdio 
could  be  induced  to  act  for  the  small  compensation  to 
which  they  would  be  entitled. 


19 


TEN  REASONS  FOR  PREFERRING 
TRUST  COMPANY  MANAGEMENT. 

In  conclusion,  then,  let  us  place  before  you  the 
disadvantages  and  danger  of  the  old  custom  of  having 
individuals  as  Executors  of  wills  and  Trustees  of 
estates,  and  the  advantages  and  safety  of  appointing 
a  Trust  Corporation. 

I.  A  friend  or  relative  of  the  testator  appointed  as  Execu¬ 
tor  or  Trustee  may  die,  refuse  to  accept  the  trust,  or  resign  on 
account  of  ill  health  or  other  reasons,  and  the  Court  may  appoint 


OLD  COUNTY  COURT  HOUSE  AT  WHITE  PLAINS, 

ERECTED  1784. 

The  first  Court  House  was  erected  in  1759,  on  removal 
of  the  Courts  from  the  Town  of  Westchester.  On 
June  30th,  1776,  the  “Provincial  Cong’ress  of  New 
York  ’’  for  safetj'  adjourned  from  the  City  of  New  York 
to  White  Plains.  On  July  9th,  it  there  received  and 
adopted  the  Declaration  of  Independence.  That  body 
then  changed  its  title  to  the  “Convention  of  Representa¬ 
tives  of  the  State  of  New  York.”  That  building  was 
burned  by  the  British  after  the  battle  of  White  Plains, 
and  the  second  Court  House  shown  above  was  erected 
on  the  same  ground.  The  site  is  now  occupied  by  the 
residence  of  Hon.  Win.  P.  Fiero. 


20 


as  his  successor  an  entire  stranger  or  some  person  whom  the 
testator  would  never  have  entrusted  with  his  property. 

A  Trust  Company  has  perpetual  existence,  will 
accept  the  trust  if  appointed,  and  retains  possession  of 
the  property  until  the  trust  is  fully  completed.  You 
know^  when  making  your  will,  who  is  to  administer 
3^our  estate. 

II.  An  individual,  if  responsible,  generally  has  large  busi¬ 
ness  interests  of  his  owm,  and  finds  it  absolutely  impossible  to 
give  necessary  time  for  the  numerous  details  of  settling  an  estate, 
and  possibly  turns  over  much  of  the  work  to  an  incompetent 
and  inexperienced  employee. 

A  Trust  Company  has  competent  employees 
trained  in  such  work,  who  do  not  slight  it  as  an 
outside  matter  interfering  with  their  business,  but 
whose  duty  it  is  to  give  it  their  whole  attention,  under 
the  personal  supervision  of  its  officers. 

III.  If  the  widow  or  daughter  of  the  testator  is  made  Execu¬ 
trix,  the  cases  are  rare  where  she  has  had  the  business  training 
or  experience  requisite  to  settle  an  estate  safely,  and  she  must 
almost  necessarily  depend  on  some  friend  or  agent  to  take  the 
responsibility.  She  does  not  wish  the  position  ;  the  work  is 
hard  and  distastful  to  her,  and  the  agent  becomes  in  fact  the 
Executor.  If  any  member  of  the  family  is  appointed,  it  fre¬ 
quently  begets  bad  blood  and  charges  of  partiality  or  mis¬ 
management. 

A  Trust  Company  remains  practicall}^  the  same, 
having  always  the  benefit  of  experienced  officers  and 
employes,  and  the  work  is  never  delegated  to  untried 
or  inefficient  men.  The  trust  is  impartially  managed, 

and  the  legatees  know  that  there  will  be  no  favoritism. 

IV.  An  individual  may  be  sick  for  months,  abroad  for 
health  or  pleasure,  or  absent  from  home  at  a  critical  time  when 


21 


action  is  needed.  He  often  refuses  to  give  the  parties  interested 
any  definite  information  as  to  the  condition  of  the  estate,  and 
a  suit  for  accounting  becomes  necessary,  or  his  books  are  kept 
so  carelessly  that  no  one  can  tell  how  matters  stand,  and  in  case 
a  friend  of  the  family  is  acting  as  Executor  it  is  often  embarras¬ 
sing  to  insist  on  a  statement. 

A  Trust  Company  is  always  represented  by  some 
officer  familiar  with  its  affairs,  who  will  .see  that 
business  is  promptly  attended  to.  Its  doors  are  open 
during  business  hours.  Its  accounts  are  kept  in  the 
most  accurate  manner  and  promptly  filed  in  Court, 
and  any  one  having  the  right  to  see  the  books  can  do 
so  at  any  time, 

V.  Where  two  Executors  or  Trustees  are  appointed,  there 
often  arises  a  serious  difference  of  opinion  as  to  the  manage¬ 
ment  of  the  estate,  followed  by  resignations  or  law-suits,  w^hile 
in  other  cases  one  of  them  may  have  to  respond  in  heavy  damages 
on  a  joint  bond  for  the  unauthorized  or  fraudulent  acts  of  the 
other. 


BEDFORD  ACADEMY,  ERECTED  1809. 

WMiere  Judge  Robertson  and  General  H listed  were  educated. 


22 


In  a  Trust  Company  any  question  of  policy  can 
be  referred  at  once  to  the  Board  of  Directors,  thus 
securing  the  advice  of  a  number  of  men  of  wealth  and 
large  business  experience,  and  avoiding  the  fatal  mis¬ 
takes  that  an  individual  acting  alone  may  so  easily 
make,  while  the  entire  corporation  remains  financially 
responsible  for  their  acts. 

VI.  The  settlement  of  an  estate  is  a  matter  entirely  new  to 
most  persons,  yet  requiring  extreme  care  and  knowledge  of  the 
law,  and  an  estate  often  suffers  serious  loss  through  the  ignor¬ 
ance  or  carelessness  of  the  Executor  or  his  attorney  on  whom 
he  relies. 

A  Trust  Company  is  thoroughly  familiar  with  all 
the  details  of  the  work.  Its  attorney  makes  the  law  of 
trusts  a  special  study,  and  its  reputation  depends 
upon  the  skill  and  fidelity  with  which  it  cares  for 
business  entrusted  to  it. 

VII.  An  individual,  if  Trustee  of  an  estate  for  a  number 
of  years,  is  charged  with  the  frequent  investment  of  funds.  He 
may,  through  unwise  judgment,  cause  a  loss  of  a  large  portion 
of  the  estate,  and  yet  he  will  rarely  be  adjudged  liable  for  this 
loss  by  Courts,  because  he  is  bound  to  use  only  his  best  judg¬ 
ment,  however  poor  that  may  be. 

No  investment  of  estate  funds  is  made  by  this 
Company  without  the  approval  of  the  Executive 
Committee,  consisting  of  the  President  and  six 
Directors  accustomed  - to  judge  of  the  value  of 
securities. 

Hundreds  of  estates  are  wasted  by  individuals 
through  foolish  investments  that  would  never  have 
been  approved  by  a  Trust  Company. 


23 


VIII.  An  individual  often  finds  it  necessary  to  give  a  large 
bond,  and  this  is  difficult  to  obtain,  for  it  is  a  delicate  thing  to 
ask  a  friend  to  put  his  name  to  a  bond  that  may  some  time  call 
for  the  payment  of  many  thousands  of  dollars,  and  with  no  com¬ 
pensation  to  him.  Moreover,  if  the  bond  of  a  surety  company 
is  given,  it  causes  additional  expense  in  the  administration  of  the 
trust,  and  its  requirements  are  a  constant  source  of  annoyance. 

Under  the  law  the  entire  resources  of  the  Com¬ 
pany  are  liable  for  the  faithful  performance  of  trusts 
administered  by  it. 

IX.  An  individual  Executor  or  Trustee  may  have  an 
excellent  reputation  and  financial  standing,  and  yet  gradually 
be  led  into  some  speculation  with  estate  funds  whereby  they  are 
lost.  Watch  the  daily  papers  ;  note  how  often  such  cases  are 
reported  ;  and  remember  that  only  a  small  proportion  of  them 
get  into  the  newspapers,  the  greater  number  being  compromised 
for  family  reasons  or  abandoned  as  hopeless.  This  is  the  most 
frequent  and  serious  danger  arising  from  the  placing  of  trust 
estates  in  the  hands  of  individuals. 

The  Westchester  Trust  Company  takes  every 
precaution  to  prevent  loss.  Its  officers  and  clerks  are 
under  heavy  bonds  for  the  faithful  performance  of 
their  duties.  A  Trust  Company  has  no  inducement 
to  make  speculative  investments  ;  its  interests  are  all 
the  other  way.  It  expects  to  continue  in  business 
long  after  any  single  estate  is  settled,  and  it  must 
have  the  confidence  of  the  comm  uni  t^^  In  the  trust 
department  it  does  not  even  take  the  risk  of  ordinary 
safe  commercial  banking.  All  trust  securities 

BELONGING  TO  ESTATES  ARE  ENTIRELY  SEPARATED 
FROM  THE  SECURITIES  OF  THE  COMPANY.  Not  a  dol¬ 
lar  of  estate  funds  is  ever  placed  in  any  but  the  most 
solid  and  conservative  investments  of  the  class  author- 


24 


ized  by  law,  and  the  defalcation  of  an  employee  or 
failure  of  the  Company  would  not  cause  the  slightest 
loss  of  trust  funds  to  the  beneficiaries.  Sworn  state¬ 
ments  of  its  condition  are  made  to  the  State  Super¬ 
intendent  of  Banks  several  times  a  year,  and  its  trust 
accounts  are  at  all  times  subject  to  inspection  by  the 
Bank  Examiner,  as  well  as  to  the  jurisdiction  and 
control  of  the  Supreme  Court. 

X.  In  case  of  loss  of  trust  funds  by  an  individual  through 
speculation,  default  or  otherwise,  the  only  remedy  is  by  suit 
against  him  personally,  or  on  the  bond,  if  one  has  been  given. 
An  endless  and  ruinous  litigation  consumes  the  remnant  of  the 
funds,  if  any,  while  the  beneficiaries  of  the  estate  suffer. 

‘  Safety  is  the  first  evSsential  in  the  disposition  of  a 
trust  fund.  You  wish  to  feel  that,  in  case  of  your 
death,  you  have  taken  every  precaution  to  insure  to 
your  family  the  benefit  of  whatever  property  you  may 
be  able  to  leave  them.  In  putting  your  estate  in  the 
care  of  a  Trust  Company  you  secure  integrity,  unques¬ 
tioned  responsibility,  skillful  management  and  wise 
judgment  in  making  investments,  avoiding  the  chance 
of  death,  removal,  losses  by  bad  investments  or  defal¬ 
cation.  By  entrusting  it  to  an  individual  you 
TAKE  every  risk. 


25 


INHERITANCE  OF  PROPERTY. 


Distribution  of  After  the  debts  of  the  deceased 

Estates  of  Deceased  and  expenses  of  administration 
Persons  Who  Leave  are  paid,  the  remainder  of  the 
no  Will.  estate  is  distributed  as  herein¬ 

after  specified,  except  that  the 
first  five  .  items  below  named  as  received  by  the 
widow  have  preference  over  debts.  Of  such  re¬ 
mainder 


VAN  CORTLANDT  MANSION,  VAN  CORTLANDT  PARK, 

ERECTED  1748. 


26 


The  Widow  Receives: 


Of  the  Personal  i.  If  there  be  a  minor  child  or 

Estate.  children^  while  she  lives  zvith  and 

provides  for  it  or  them  : 

Certain  household  goods  and  other  articles  of 
personal  property,  and  also  books  not  exceeding  in 
value  $50  from  the  family  librar}-,  if  such  goods, 
property  and  books  are  owned  by  the  husband  at  the 
time  of  his  decease  ;* 

Also  other  household  furniture  which  shall  not 
exceed  $150  in  value,  or  that  sum  of  money  in  lieu 
thereof  ; 

Also  other  necessary  household  furniture,  pro¬ 
visions  or  other  personal  property  in  the  discretion  of 
the  appraisers,  not  to  exceed  $150. 

2.  When  she  ceases  to  do  so,  certain  specified 
articles  of  personal  property,  and  the  other  articles 
above  mentioned  then  belong  to  the  minor  child  or 
children. 

3.  After  such  minor  child  or  children  arrive  at  age, 
all  the  said  articles  above  mentioned. 

4.  7/  there  be  no  minor  child  or  children,  all  the  said 
articles  above  mentioned. 

5.  If  deceased  have  a  child  or  children,  one-third 
remainder. 

6.  If  no  child  or  its  descendants  but  a  parent,  one- 
half  of  remainder. 

7.  If  no  child  or  its  descendants,  or  parent,  but  a 
brother,  sister,  nephew  or  niece,  one-half  of  remainder. 


27 


and  the  whole  of  the  residue  if  it  does  not  exceed 
$2,000  ;  if  it  does,  $2,000  thereof. 

8.  If  neither  desce7idants  ^  nor  father  nor  mother^  7ior 
brother^  7ior  sister^  7ior  7iephew^  7ior  7iiece,  the  entire 
remainder  of  the  estate. 

Of  the  Real  i.  If  deceased  was  seized  of  a7i 

Estate.  estate  of  i7iherita7ice  at  a7iy  twie 

during  the  co7itinua7ice  of  the  77iar- 
riage  relation^  dower  (the  use  of  one-third  for  life), 
if  not  voluntarily  released,  or  otherwise  barred. 

2.  If  deceased  leaves  a  descenda7it  or  desce7ida7its , 

\ 

the  use  of  an  additional  portion  of  the  estate,  not 
exceeding  in  value  $1,000,  during  her  life. 

3.  If  the  deceased  leaves  710  desce7ida7it  or  desce7id- 
a7its,  the  absolute  ownership  in  fee  of  such  additional 
portion  of  the  estate. 

The  Widower  Receives ; 

Of  the  Personal  i.  If  the  deceased  leaves  a7iy 
Estate.  desce7ida7tt,  one  third  of  estate. 

2.  If  the  deceased  leaves  710 
desce7ida7it^  all  of  the  estate. 

3.  The  same  articles  of  personal  property  pro¬ 
vided  by  law  to  be  set  apart  for  the  widow,  subject  to 
same  provisions. 

Of  the  Real  If  issue  of  the  77iar7lage  has  bee7i 

Estate.  bor7i  ative,  tenanc}^  by  the  curtes}^ 

(the  use  for  life)  of  entire  estate, 
if  not  barred  (as  by  divorce,  etc.). 


28 


2.  If  no  issue  of  the  marriage  has  been  born  alive ^ 
no  part  of  the  estate. 

An  Only  Child  or  Its  Issue  Receives : 

Of  the  Personal  i.  If  the  widow  survives^  two- 
Estate.  thirds  of  estate,  after  the  special 

allowances  named  first  above 
have  been  granted  to  widow. 

2.  If  widower  survives,  two-thirds  of  estate  after 
the  special  allowances  named  first  above  have  been 
granted  to  widower. 

3.  If  7ieither  widow  7ior  widower^  the  entire  estate. 

Of  the  Real  i .  If  a  widow  survives,  the  entire 

Estate.  estate,  subject  to  the  widow’s 

dower. 

2.  If  a  widower  survives,  the  entire  estate,  subject 
to  the  widower’s  tenancy  by  the  curtesy. 

3.  If  rieither  widow  nor  widower,  the  whole  estate. 

Two  or  More  Children  or  Their  Issue 

Receive : 

Of  the  Personal  i.  Minor  children  are  entitled. 
Estate.  with  or  without  the  widow  or 

husband,  to  the  same  special 
allowances  named  first  above  as  granted  to  the  widow. 

2.  If  a  widow  survives,  or  jninor  childre^i,  or  both, 
two-thirds  of  estate  after  special  allowances  named 


29 


Of  the  Real 
Estate. 


above  first  have  been  granted  to  them,  or  the  survivor 
of  them. 

3.  If  a  widower  survives^  or  77ii7ior  children ,  or  boih^ 
two-thirds  of  estate  after  the  same  special  allowances 
have  been  granted  to  them  or  the  survivor  of  them. 

4.  If  neither  zvidow  7ior  widower^  the  entire  estate. 

I.  If  a  widow  survives^  the  entire 
estate,  subject  to  dower  (use  of 
one-third  for  life)  of  widow. 

2.  If  a  widower  survives  I  entire  evState,  subject 
to  tenancy  by  the  curtesy  (use  thereof  for  life)  of 
widower. 

3.  If  neither  zvidozv  nor  widozver^  the  whole  estate. 

The  direct  descendants  of  deceased 
(if  all  are  in  the  same  degree  of 
relationship),  as,  for  instance,  if 
all  are  children,  grandchildren  or  great-grandchildren, 
receive,  each  one^  one  equal  share. 

But  if  all  are  not  in  the  same  degree  of  relation¬ 
ship,  as,  for  example,  if  there  are  both  grandchildren 
and  great-grandchildren,  each  family  receives  col¬ 
lectively  an  equal  representative  share. 

The  Mother  of  Deceased  Receives : 


Of  Both  Real  and 
Personal  Estate. 


Of  the  Personal 
Estate. 


I.  If  deceased  leaves  a  widozv,  but 
710  child  or  issue  of  a  deceased  child ^ 
and  770  father^  an  equal  share 
with  brothers  and  sisters,  or  their  issue,  in  one-half  of 
estate,  after  special  allowances  named  first  above  have 
been  granted  to  widow. 


30 


2.  If  deceased  leaves  a  father^  hut  no  child ^  or  iss2ie 
of  deceased  child ^  and  no  widow ^  nothing,  unless  de¬ 
ceased  was  an  illegitimate  ;  in  that  case,  the  entire 
estate. 


Of  the  Real 
Estate. 


3.  If  no  one  of  above  survives,  the  entire  estate. 

I.  If  a  father  and  widow  survive, 
but  no  child  or  issue  of  a  deceased 
child,  no  portion  of  the  estate, 
unless  the  inheritance  came  to  the  deceased  on  the 
part  of  the  mother,  or  the  father  is  incapable  of  in¬ 
heriting,  then  a  life  estate,  if  the  deceased  leaves  a 
brother  or  sister  or  a  descendant  of  either,  subject  to 
the  widow’s  share ;  otherwise  vShe  takes  the  entire 
estate,  subject  as  aforesaid. 

2.  If  a  father  survives,  but  no  widow  and  no  child, 
and  no  issue  of  a  deceased  child,  same  as  last  above,  free 
from  dower. 

3.  If  a  widow  survives,  but  7io  father,  no  child  and 
no  issue  of  a  deceased  child,  same  as  above,  subject  to 
dower. 

4.  If  7ione  of  above  survives,  same  as  above,  free 
from  dower. 


Of  the  Personal 
Estate. 


The  Father  of  Deceased  Receives: 

I.  If  deceased  leaves  a  widow,  but 
jieither  child  nor  its  issue,  one- half 
of  estate  after  the  special  allow¬ 
ances  named  first  above  have  been  granted  to  the 
widow. 

2.  If  deceased  leaves  a  77iother,  hut  7ieither  widow 
nor  child  7ior  issue  of  such  child,  the  entire  estate. 


31 


3-  If  no  one  of  above  relatives  survives,  the  whole 
estate. 

Of  the  Real  i .  If  the  deceased  leaves  a  widow 

Estate.  and  mother,  but  neither  child  7ior 

its  issue,  the  entire  estate,  sub¬ 
ject  to  the  widow’s  dower,  unless  the  inheritance  or 
any  part  thereof  came  to  the  intestate  on  the  part  of 
the  mother. 

2.  If  the  deceased  leaves  a  widow,  but  no  mother, 
and  no  child  or  its  issue,  the  entire  estate,  subject  to 
the  widow’s  dower,  unless  the  inheritance  or  any  part 
thereof  came  to  the  intestate  on  the  part  of  the 
mother,  and  there  be  brothers  or  sisters  of  the  intes¬ 
tate  or  their  descendants  living,  in  which  event  he 
takes  such  inheritance  for  life. 

3.  If  deceased  leaves  a  7nother,  but  no  widow  and  no 
child  or  its  issue,  the  entire  estate,  unless  it  or  any  part 
thereof  came  to  the  intestate  on  the  part  of  the  mother. 

If  no  one  of  the  above  relatives  survives,  the 
whole  estate,  except  such  portion  as  came  on  the  part 
of  the  mother,  in  which  part  he  takes  only  a  life 
interest,  if  there  be  brothers  or  sisters  or  descendants 
of  a  brother  or  sister  living. 

The  Brothers  and  Sisters  and  the  Issue  of 
Deceased  Brothers  and  Sisters  Receive : 

Of  the  Personal  (Under  the  statute  of  distribu- 
Estate.  tions,  no  representation  is  ad¬ 

mitted  among  collaterals,  after 
brothers’  and  sisters’  children.) 


32 


1.  If  deceased  leaves  a  widow  and  a  mother^  hut  no 
father^  and  no  child  or  issue  of  deceased  child^  equal 
shares  with  the  mother  in  one-half  the  estate  after 
special  allowances  named  first  above  have  been  granted 
to  the  widow. 

2.  If  deceased  leaves  a  widow,  but  no  father  and  no 
mother,  and  no  child  or  issue  of  deceased  child,  same  as 
above,  with  share  of  mother  omitted,  after  an  addi¬ 
tional  allowance  of  $2,000  has  been  granted  to  the 
widow. 

3.  ^  none  of  above  survives,  the  whole  estate 
(unless  grandparents’  share,  which  is  an  open  ques¬ 
tion)  . 

Of  the  Real  i.  If  a  widow  survives,  but  neither 

Estate.  child  nor  its  issue,  7ior  father  nor 

mother,  the  whole  estate,  subject 

to  widow’s  dower. 

2.  If  a  mother  survives,  hut  neither  child  nor  its 
issue,  nor  widow  7ior  father,  the  whole  estate,  subject 
to  a  life  estate  in  the  mother. 

3.  If  710 7ie  of  the  above  relatives  survives,  the  whole 
estate  in  equal  vshares,  if  in  the  same  degree  of  relation¬ 
ship  ;  if  not,  each  family  receives  an  equal  share. 

The  Uncles  and  Aunts  (if  Any  Survive), 
or  Their  Issue,  Receive ; 

Of  Both  Personal  i .  If  deceased  leaves  710  child  a7id 
and  Real  Estate.  710  desce7ida7it,  and  no  widow, 

parent,  brother,  sister,  or  their 
issue,  or gra7idparent,  the  whole  estate  in  equal  shares. 


33 


except  that  paternal  uncles  and  aunts  and  their  issue, 
take  real  estate  coming  to  the  deceased  on  the  part  of 
the  father,  and  maternal  uncles  and  aunts  and  their 
issue,  real  estate  coming  to  the  deceased  on  the  part  of 
the  mother. 

The  Cousins,  if  neither  Uncle  nor  Aunt 

Survives,  Receive : 

Of  Both  Personal  i .  If  deceased  leaves  no  child  and 

and  Real  Estate.  no  descendant^  and  no  widow, 

parent,  brother,  sister,  or  their 
issue,  each  an  equal  share  of  the  whole  estate,  except 
that  paternal  cousins  and  their  issue  take  real  estate 
inherited  on  the  part  of  the  father,  and  maternal 
cousins  and  their  issue  take  real  estate  inherited  on 
the  part  of  the  mother. 

Nephews  and  Nieces: 

Of  the  Real  i .  If  deceased  leaves  7i either  child 

Estate.  nor  descendant,  nor  widow,  nor 

parent,  nor  brother,  7ior  sister, 
each  an  equal  share  with  the  descendants  collectively 
of  each  deceased  nephew  and  niece  of  the  whole  estate. 

2.  But  if  a  brother  or  sister  survives  and  the  child 
of  any  deceased  brother  or  sister,  the  children  of  each 
deceased  brother  or  sister  receives  collectively  an  equal 
share  with  such  surviving  brother  or  sister. 


34 


I 


#  • 


3^ 


MANOR  HALL,  YONKERS,  ERECTED  1682. 

Now  used  as  City  Hall. 

OPPOSITE  THE  OFFICE  OF  THE  WP:STCHESTIiR  TRUST  COMPANY. 


ADMINISTRATORS. 

Order  of  In  the  absence  of  a  will,  the 

Appointment.  relatives  of  a  deceased  person 

are  entitled  to  letters  of  admin¬ 
istration  in  the  following  order  : 

1.  Surviving  husband  or  wife. 

2.  Children. 

3.  Father. 

4.  Mother. 

5  Brothers. 

6.  Sisters. 

7.  Grandchildren. 

8.  Any  other  person  entitled  to  share  in  the 
estate. 

If  there  are  several  persons  entitled  in  the  same 
class,  men  are  preferred  to  women,  relatives  of  the 
whole  blood  to  those  of  the  half  blood,  and  unmarried 
women  to  married  women. 

This  Company  Upon  proper  notice  and  the  ap- 

May  be  Appointed  plication  or  consent  of  a  per- 
on  Application.  son  acting  as  Administrator,  or 

legally  entitled  to  the  appoint¬ 
ment,  this  Company  may  be  appointed  in  his  place 
and  stead.  Or  it  may  be  joined  with  him.  In  the 
latter  case,  he  will  be  required  to  give  only  a  nominal 
or  reduced  bond.  Otherwise,  the  usual  bond  required 
is  double  the  amount  of  the  personal  property. 
When  desired,  this  Company  will  furnish  additional 
information  or  confer  with  interested  persons  or  their 
attorneys. 


37 


If  a  person,  otherwise  entitled  to  the  appoint¬ 
ment,  is  a  minor,  he  may  secure  the  appointment  of 
this  Company  as  Administrator  in  his  place  by  first 
having  it  appointed  Guardian  of  his  estate.  If  he  is 
fourteen  years  of  age  or  over,  he  has  the  right  to 
select  this  Company  as  his  Guardian.  If  he  is  under 
that  age,  the  Court  may  make  such  appointment  on 
proper  application  made  by  a  relative  or  friend. 

Fiduciary  Agent  This  Company  also  acts  as  the 
of  Administrator.  fiduciary  agent  of  Administra¬ 
tors,  Executors,  Trustees,  etc. 
Under  their  general  or  specific  directions,  it  attends 
to  accounts  and  such  other  business  details  as  may  be 
required  of  it.  This  service  is  of  material  value  to 
the  estate.  It  insures  accuracy  and  the  due  adminis¬ 
tration  of  an  estate.  It  also  affords  relief  from 
business  care  and  responsibility.  Advantageous 
arrangements  will  be  made  with  Administrators, 
Executors,  Trustees,  etc.,  desiring  such  service. 

TEMPORARY  ADMINISTRATORS. 

In  many  cases  there  are  property  interests  which 
need  the  immediate  attention  of  some  representative 
clothed  with  legal  authority  to  act,  and  especially  to  pro¬ 
tect  the  estate  from  loss  or  damage  until  the  appointment 
of  a  general  Administrator  or  Executor  can  be  made. 

When  Appointed.  On  the  application  of  any  person 

interested  in  an  estate,  the  Sur¬ 
rogate  may  appoint  a  Temporary  Administrator  in  the 
following  cases  : 


38 


1 .  Where  a  will  is  being  contested. 

2.  Where  the  Executor  named  in  the  will  is 
absent  from  the  State. 

3.  Where  there  is  delay  in  the  appointment  of  a 
general  Administrator  or  qualification  of  Executor. 

4.  Where  a  person  disappears,  and  there  is 
reasonable  ground  to  believe  him  to  be  dead,  a  lunatic 
or  unlawfully  made  away  with. 

Trust  Company  In  cases  where  the  Court  is 
More  Easily  called  upon  to  act,  it  will  some- 

Agreed  Upon.  times  appoint  a  Trust  Company 

where  it  would  not  appoint  an 
individual.  Such  an  appointment  is  sometimes  more 
easily  agreed  upon  between  persons  interested  in  an 
estate. 

Where  the  Wkstchkster  Trust  Company  is 
appointed,  the  estate  saves  the  expense  of  furnishing 
bonds,  always  required  of  individuals.  Its  charges 
are  no  more,  and  its  management  is  entirely  impartial. 

ANCILLARY  LETTERS. 

Where  a  non-resident  dies,  leaving  personal 
property  within  this  State,  the  foreign  Executor, 
Administrator  or  other  person  entitled  to  the  property 
may  receive  ancillary  letters  if  competent  to  act,  and  a 
proper  bond  is  given. 

By  the  written  consent  of  such  persons,  duly 
acknowledged  as  a  deed,  the  Wkstchkstkr  Trust 
Company  may  be  authorized  to  receive  such  letters. 
When  it  is  appointed,  no  bonds  are  required.  In 


39 


vSeveral  other  particulars  this  Company  possesvses 
vSpecial  advantages,  and  its  charges  are  the  same  as 
authorized  by  law  to  an  individual. 

ADMINISTRATORS  WITH  WILL 

ANNEXED. 

Order  of  If  all  the  Executors  named  in  a 

Appointment.  will  refuse  to  act,  or  die,  or 

resign,  or  become  disqualified 
before  the  will  is  fully  executed,  the  Court  appoints 
an  “  Administrator  with  the  will  annexed,”  to  execute 
the  will.  Persons  interested  in  the  estate  are  entitled 
to  such  appointment  in  the  following  order  : 

1.  Residuary  legatees. 

2.  Principal  legatees. 

3.  Husband,  wife,  next  of  kin. 

4.  Creditors  (except  in  New  York  and  Kings 
Counties,  where  Public  Administrator  has  preference) . 

5.  Other  competent  persons. 

This  Trust  Upon  proper  notice  and  the  ap- 

Company  May  plication  or  consent  of  a  person 

be  Appointed.  acting  as  Administrator  with 

will  annexed,  or  legally  entitled 
to  the  appointment,  this  Company  may  be  appointed 
in  his  place  and  stead.  Or  it  may  be  joined  with  him. 
In  the  latter  case,  he  will  be  required  to  give  only  a 
nominal  or  reduced  bond.  Otherwise,  the  usual  bond 
required  is  double  the  amount  of  the  personal 
property.  When  desired,  this  Company  will  furnish 
additional  information  or  confer  with  interested  per¬ 
sons  or  their  attorneys. 


40 


TRUSTEES. 

Trustees  are  appointed  by  will,  deed  or  declara¬ 
tion  of  trust,  and  by  the  Supreme,  Surrogate’s  or 
other  Court  of  competent  jurisdiction. 

Substituted  Where  a  Trustee  dies,  resigns, 

Trustee.  is  removed,  or  becomes  a  lunatic 

or  otherwise  incompetent,  a  sub¬ 
stituted  Trustee  may  be  appointed  to  fill  the  vacancy. 
Such  appointment  may  be  made  by  surviving  Execu¬ 
tors  or  Trustees,  if  the  will  or  other  instrument 
creating  the  trust  so  provides.  Where  there  is  no 
surviving  Trustee,  and  the  trust  has  not  been  fully 
executed,  the  Court  may  appoint  a  substituted  Trus¬ 
tee.  It  may  also  appoint  a  substituted  Trustee,  even 
when  there  is  one  or  more  surviving  Trustees,  if,  in  its 
opinion,  such  an  appointment  shall  be  for  the  benefit 
or  safety  of  the  estate. 


i 


FRIENDS  MEETING  HOUSE  AT  PURCHASE. 
Used  as  hospital  after  battle  of  White  Plains.  1776. 


41 


This  Company  as  In  all  the  cases  above  specified, 
Additional  Trustee,  the  Westchester  Trust  Com¬ 
pany  is  eligible  to  appointment. 
It  may  also  be  appointed  as  an  additional  or  substituted 
Trustee  on  proper  notice  and  the  application  or  con¬ 
sent  of  any  person  acting  as  Trustee  or  entitled  to 
such  appointment.  It  may  be  either  joined  with  him 
or  appointed  in  his  place  or  stead.  If  a  person  is 
joined  as  a  Trustee  with  it,  a  nominal  or  reduced 
bond  is  sufificient.  Otherwise,  the  usual  bond  re¬ 
quired  is  double  the  amount  of  the  trust  property. 

The  Westchkster  Trust  Company  was  organ¬ 
ized  principally  for  the  administration  of  private  trusts. 
It  possesses  advantages  which  render  its  services  of 
special  value  to  estates  which  it  represents.  On  these 
points  interview's  or  correspondence  wfith  interested 
persons  or  their  attorneys  is  solicited. 

Facts  to  be  In  determining  w^hether  or  not 

Considered.  the  safety  or  w^elfare  of  an  estate 

demands  the  appointment  of  a 
substituted  Trustee,  the  Court  will  take  into  con¬ 
sideration  all  the  facts  and  circumstances  of  each  case. 
It  wall  act  on  the  application  of  any  interested  person. 
It  wall  consider  the  character  of  the  estate,  its  size, 
the  character  of  its  investments,  the  income,  the 
security  of  the  principal,  the  manner  in  wdiich  the 
estate  is  managed  ;  the  age,  health  and  business 
methods  of  the  surviving  Trustee  ;  wdiether  the 
accounts  are  properly  kept ;  wdiether  those  interested 
in  the  estate  receive  their  income  regularly  and 


42 


promptly  ;  whether  they  are  afforded  reasonable  and 
proper  information  as  to  the  condition  of  the  estate  and 
its  management,  the  wishes  of  the  beneficiaries,  and  all 
other  matters  which  may  enable  it  to  act  intelligently. 

The  Court  will  appoint  a  Trust  Company  where 
it  will  not  appoint  an  individual. 

In  Case  of  Doubt.  In  doubtful  cases,  or  where  it 

does  not  seem  wise  to  apply  to 
the  Court  for  the  appointment  of  a  co-Trustee,  sub¬ 
stantially  the  same  result  may  frequently  be  obtained 
by  an  arrangement  with  this  Company  to  act  as  the  fidu¬ 
ciary  agent  of  the  surviving  Trustee.  (See  page  46.) 

All  communications  and  correspondence  are 
treated  as  confidential. 

The  considerations  bearing  on  the  selection  of  an 
additional  or  substituted  Trustee  are  the  same  as  those 
governing  the  selection  of  an  Executor,  Trustee  ,or 
Guardian.  (See  page  14.) 

GUARDIANS. 

Guardians  are  appointed  by  will  or  deed,  and  by 
the  Supreme  Court  or  Surrogate’s  Court.  They  are 
of  two  kinds:  (i)  Guardians  of  the  person,  and 
(2)  Guardians  of  the  estate.  The  same  person  may 
act  in  one  or  both  capacities. 

A  Guardian  of  the  person  is  charged  with  the 
personal  welfare  of  the  infant.  Upon  a  Guardian  of 
the  estate  rests  the  responsibility  of  the  management 
of  the  minor’s  estates  until  he  is  of  age.  This  Com¬ 
pany  acts  only  in  the  latter  capacity.  It  does  not  act 
as  guardian  of  the  person. 


43 


Minors  May  Minors  of  the  age  of  fourteen 

Select  Guardians.  years  and  upwards  can  select  the 

Westchester  Trust  Company 
or  any  competent  person  as  their  Guardian.  Where 
minors  are  under  the  age  of  fourteen  years,  the  duty 
of  selection  devolves  upon  relatives  or  friends  making 
the  application,  or  the  Court  making  the  appoint¬ 
ment.  Appointments  made  for  children  under  the 
age  of  fourteen  years  are  only  temporar^^  They  can 
select  a  new  Guardian,  if  they  desire,  after  attaining 
that  age. 

Upon  proper  notice  and  the  application  or  consent 
of  a  person  acting  as  Guardian,  or  legally  entitled  to  the 
appointment,  this  Company  may  be  appointed  in  his 
place  and  stead.  Or  it  may  be  joined  with  him.  In  the 


OLD  COUNTY  COURT  HOUSE  AT  BEDFORD, 
ERECTED  1787, 

Bedford  continued  to  be  a  half-shire  town  until  1868. 


44 


latter  case,  he  will  be  required  to  give  only  a  nominal 
or  reduced  bond.  Otherwise,  the  usual  bond  required 
is  double  the  amount  of  the  personal  property. 

This  Company  possesses  advantages  which  render 
its  services  of  special  value  to  estates  which  it  repre¬ 
sents.  All  inquiries  and  communications  are  treated 
as  confidential. 

COMMITTEE. 

Incompetent  The  Wkstchkstkr  Trust  Com- 

Persons  Defined.  pany  may  be  appointed  in  proper 

proceedings  as  a  Committee  to 
manage  the  property  of  an  incompetent  person.  The 
phrase  ‘‘incompetent  person’'  includes  any  person 
incompetent  to  manage  his  affairs,  in  consequence  of 
lunacy,  idiocy,  habitual  drunkenness,  or  imbecility 
arising  from  old  age,  or  loss  of  memory  and  under¬ 
standing,  or  other  causes. 

Selection  of  In  such  cases  the  selection  of  a 

Committee.  proper  Committee  by  the  rela¬ 

tives  of  the  unfortunate  person 
is  usually  ratified  by  the  Court.  When  this  Company 
is  thus  selected,  it  may  act  alone,  or  jointly  with  one 
or  more  individuals.  Unlike  natural  persons,  it  is  not 
required  to  give  bonds.  In  several  other  particulars 
this  Company  also  possesses  special  advantages  which 
render  its  service  of  peculiar  value  to  estates  which  it 
represents.  Persons  interested  in  the  choice  of  a 
Committee  are  invited  to  communicate  with  this 
Company. 


45 


FIDUCIARY  AGENT. 

The  Westchester  Trust  Company  offers  to 
relieve  from  business  cares  and  details  the  following 
persons  : 

1.  Women. 

2.  Non-residents. 

3.  Persons  going  abroad. 

4.  Aged  and  infirm  persons. 

5.  Executors,  Administrators,  Trustees,  Guar¬ 
dians,  etc. 

6.  All  those  who  for  any  reason  wish  to  be  relieved 
of  the  responsibility,  accounts  and  business  details 
incident  to  the  proper  management  of  their  property 
or  the  estates  which  they  represent. 


SUNNYSIDE,  IRVINGTON. 

The  Homestead  of  Washington  Irving. 


46 


Attention  to  Under  general  or  specific  direc- 

Accounts  and  tions,  this  Company  will  attend 

Business  Details.  to  all  matters  of  accounts  and 

such  other  business  details  as 
may  be  committed  to  its  care  Income  will  be  col¬ 
lected,  invested,  forwarded  or  held  subject  to  check. 
Bonds,  stocks,  mortgages  and  other  securities  will  be 
received  on  deposit  for  safe  keeping. 

Individuals  and  representatives  of  estates  will 
find  the  services  of  this  Company  of  material  advan¬ 
tage  to  the  interests  committed  to  its  care,  as  well  as 
a  personal  relief.  While  the  charges  will  necessarily 
depend  upon  the  character  of  the  estate  and  the  ser¬ 
vices  rendered,  yet  a  mutually  advantageous  arrange¬ 
ment  can  usually  be  made.  In  all  cases  this  Company 
will  endeavor  to  make  its  terms  reasonable  and  satis¬ 
factory  to  those  desiring  its  aid. 

TRUSTEE  UNDER  MORTGAGES  AND 

TRUST  DEEDS. 

This  Company  is  prepared  to  accept  such  Trusts 
upon  favorable  terms. 

RECEIVER. 

Receivers  are  officers  of  the  Court  appointed  for 
the  purpose  of  taking  charge  of  and  caring  for  property 
pending  litigation  affecting  the  final  disposition  of 
such  property. 

Receivers  may  be  empowered  to  carry  on  business 
under  the  direction  of  the  Court  until  the  final  dis¬ 
position  of  the  property. 


47 


The  Westchester  Trust  Company  is  author¬ 
ized  to  act  as  Receiver. 


MORTGAGE  INVESTMENTS. 

Besides  collecting  and  paying  over  interest  and 
attending  to  fire  insurance,  etc.,  on  mortgages,  this 
Company  affords  its  customers  opportunity  to  secure 
satisfactory  mortgage  investments. 

It  has  a  large  number  of  mortgages  on  hand  con¬ 
stantly,  and  the  investor  can  make  his  selection,  get 
his  mortgage,  and  have  his  money  commence  to  earn 
interest  at  once.  Mortgages,  with  principal  and  inter¬ 
est  guaranteed  by  a  Bond  and  Mortgage  Insurance 
Company,  will  also  be  furnished  to  customers. 

Bond  and  Mortgage  When  desired,  this  Company 
Trust  Certificates.  will  take  a  bond  and  mortgage 

in  its  own  name,  and  issue  to  its 
customer  loaning  the  money  its  Bond  and  Mortgage 
Trust  Certificate.”  The  Company  agrees  to  hold  the 
mortgage  for  the  benefit  of  its  customer,  to  collect  and 
pay  over  the  interest,  attend  to  the  fire  insurance, 
etc.,  for  a  very  small  percentage  on  the  interest  col¬ 
lected.  It  does  not  guarantee  the  payment  of  any 
mortgage  or  interest  thereon. 

The  holder  of  such  a  certificate  is  thus  relieved  of 
all  trouble.  He  can  sell  or  hypothecate  his  certificate 
without  a  re-examination  of  the  title.  On  surrender 
of  the  certificate  the  mortgage  will  be  assigned  or  a 
new  certificate  issued. 


48 


Identity  of  The  identity  of  customers  loan- 

Customer  Not  ing  money  through  this  Corn- 

Revealed.  pany  is,  of  course,  never  revealed. 

They  can  have  titles  to  real  estate 
examined  by  their  own  counsel,  or  a  policy  from  a 
Title  Insurance  Company  will  be  procured  for  them. 

All  expenses  are  borne  by  the  person  borrowing 
the  money.  This  form  of  mortgage  investment  is 
recommended  by  the  Company. 

INVESTMENT  SECURITIES. 

This  Company  will  execute  orders  for  the  pur¬ 
chase  or  sale  of  investment  securities. 


OLD  DUTCH  CHURCH  AT  SLEEPY  HOLLOW, 
ERECTED  1662. 

Said  to.be  the  oldest  church  now  standing  in  the  State. 


49 


SURETY  BONDS  PROCURED. 

For  the  convenience  of  customers,  this  Company 
has  completed  arrangements  whereby  it  can  furnish 
bonds  of  the  Lawyers’  Surety  Company  or  other 
Surety  Companies  for  Executors,  Guardians,  Trus¬ 
tees,  etc.  Such  bonds  are  accepted  by  the  Courts  in 
the  place  of  two  individual  bondsmen.  The  expense 
of  procuring  bonds  is  borne  by  the  estate,  and  not  by 
the  person  required  to  give  them. 

The  Westchester  Trust  Company  is  not  a 
Surety  Company ;  it  cannot  act  as  surety  on  any 
bond.  It  is  purely  a  TRUST  COMPANY.  But  as  it 
has  been  often  requested  to  furnish  such  bonds,  as  a 
matter  of  convenience,  it  has  made  the  arrangement 
above  indicated. 

ATTORNEYS. 

While  the  Company  has  its  own  general  counsel, 
it  will  be  the  policy  of  the  Company  to  continue  the 
professional  relations  of  members  of  the  bar  to  such 
matters  as  they  may  be  instrumental  in  placing  in  its 
care,  reserving  the  right,  however,  to  call  in  its  own 
counsel  when  it  thinks  necessary.  Conferences  with 
attorneys  and  others  having  trust  business  are 
cordially  invited. 

THE  COMPANY'S  CHARGES. 

The  character  and  responsibility  of  the  services 
rendered  by  a  Trust  Company  are  so  varied  in  the 
many  capacities  in  which  it  acts,  that  it  is  impossible 


50 


to  adopt  a  fixed  and  uniform  schedule  of  charges  for 
all  cases. 

The  fees  of  Executors,  Administrators,  Guar¬ 
dians  and  Receivers  are  fixed  by  law  or  by  the  order 
of  the  Court.  They  are  the  same  for  individuals  or 
Trust  Companies. 

In  other  matters,  an  interview  in  regard  to 
charges  for  services  is  requested,  and  it  will  be  found 
that  the  Company  will  always  endeavor  to  make  its 
compensation  reasonable  and  satisfactory  to  those 
requiring  its  services. 

COMMISSIONS. 

Executors,  Administrators,  Guardians  and  Testa¬ 
mentary  Trustees,  whether  individuals  or  corporations, 
in  cases  not  involving  unusual  difficulty  or  responsi- 


NORTH  SALEM  ACADEMY, 

ERECTED  1770. 

Where  De  Witt  Clinton,  Daniel  D.  Tompkins  and  Chancellor  Kent  were  educated. 


51 


bility,  are  allowed  by  law  for  services  the  following 
commissions  :  On  the  Principal,  one  charge  of 

Five  per  cent,  on  the  first . %  i,ooo 

Two  a7id  one-half  cent,  on  the  next  .  10,000 

Ojie  per  cent,  on  all  above . 11,000 

On  the  Income,  an  annual  charge  at  same  rates. 

No  commission  upon  the  value  of  real  estate  is 
allowed  unless  sold  by  the  Executor  or  Administrator. 

BANKING  DEPARTMENT. 

Westchester  Trust  Company 

Transacts  a  general  banking  business. 

Receives  active,  business  or  private  accounts  sub¬ 
ject  to  check. 

Certifies  or  accepts  checks  drawn  on  the  Company. 

Issues  interest-bearing  certificates  of  deposit. 

Allows  interest  on  deposits. 

Provides  letters  of  credit  payable  in  all  parts  of 
the  world. 

Receives  the  accounts  of  Banks,  Savings  Banks 
and  Trust  Companies  on  the  most  favorable  terms. 

Solicits  the  accounts  of  individuals,  corporations, 
societies  and  associations,  and  offers  them  every  atten¬ 
tion  and  facility  in  the  transaction  of  their  business. 


How  to  Open  an  Account. 

Those  who  desire  to  open  accounts  should  call  in 
person,  or  send  their  deposits  by  mail,  accompanied 
by  their  signatures,  together  with  the  name  and  ad- 


52 


dress  of  one  or  more  persons  as  references,  preferably 
those  known  to  the  officers  of  the  Company.  The 
deposits  will  be  entered  to  their  credit  on  the  Com¬ 
pany's  books  and  duly  acknowledged.  No  fixed 
amount  of  money  is  required  for  the  initial  deposit. 
An  account  may  be  opened  with  whatever  amount  one 
has  on  hand. 

Conferences  with  an  officer  of  the  Company  can 
always  be  had  during  business  hours  at  its  office  or 
elsewhere,  according  to  convenience  and  previous 
arrangement. 


Making  Deposits. 

If  checks  are  sent  by  mail,  they  should  be  en¬ 
dorsed,  payable  to  the  order  of  the  Westchester 
Trust  Company. 

The  amount  of  each  deposit  is  entered  separately 
in  a  pass-book,  which  entry  is  an  acknowledgment  of 
the  deposit.  When  deposits  are  sent  by  mail,  it  is 
not  necessary  to  send  the  pass-book  with  each  deposit, 
as  they  are  acknowledged  by  mail  and  entered  in  the 
pass-book  when  it  is  written  up. 

Check  books  of  various  styles  are  furnished  by 
the  Company,  without  charge  to  its  customers. 

Rates  of  Interest  Allowed. 

Interest  at  the  rate  of  two  per  cent.  (2%)  per 
annum  from  the  date  of  deposit  will  be  allowed  on 
deposits  subject  to  withdrawal  by  check  at  any  time. 
On  inactive  accounts,  from  two  (2%)  to  three  per 


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cent.  (3%)  will  be  allowed,  depending  on  the  amount 
and  duration  of  the  deposit. 

Interest  is  credited  January  ist  and  July  ist. 

Certificates  of  Deposit. 

When  it  is  desired  to  leave  a  certain  sum  of 
money  for  safe  keeping,  not  subject  to  check,  a  cer¬ 
tificate  of  deposit  is  issued,  which  combines  the  Trust 
Company’s  receipt  for  the  money  with  its  promise  to 
pay  the  same  to  the  proper  person  on  return  of  the 
certificate,  properly  endorsed.  If  it  is  desired  to  with¬ 
draw  a  part  of  the  sum  deposited,  the  certificate  is 
returned  to  the  Trust  Company  and  a  new  one  issued 


SAINT  PETER’S  CHURCH,  PEEKSKILL, 
ERECTED  1767. 


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